PRICING ARITHMETIC ASIAN OPTIONS UNDER THE CEV PROCESS

This paper discusses the pricing of arithmetic Asian options when the underlying stock follows the constant elasticity of variance (CEV) process. We build a binomial tree method to estimate the CEV process and use it to price arithmetic Asian options. We find that the binomial tree method for the lognormal case can effectively solve the computational problems arising from the inherent complexities of arithmetic Asian options when the stock price follows CEV process. We present numerical results to demonstrate the validity and the convergence of the approach for the different parameter values set in CEV process.Exotic options; arithmetic Asian options; binomial tree method; CEV proces

Impact of Trade Facilitation on Export Competitiveness: a Regional Perspective

The factors that affect export competitiveness are complex. From a firm's perspective, an appropriate trading environment in which the firm can conduct its business plays an important role in the creation of competitiveness. Thus, a trade-enabling environment, based on (a) adequate trade policies; (b) an efficient trade and customs administration system; and (c) good infrastructure, is critical for enterprises to compete effectively in the global economy.Export, Competitiveness, Trade, Facilitation, Asia, custom, regional

Trade Facilitation Provision in Regional Trade Agreements in Asia and the Pacific

This paper provides a short overview on the trade facilitation provisions in the RTAs in the Asia-Pacific region with a view to identifying the characteristics of trade facilitation provisions in existing RTAs and finding out good practices in this area. With the evolution of the definition of trade facilitation, a broader range of trade facilitation provisions are integrated into RTAs, which cover nine major areas. 1. Customs procedures and cooperation; 2. technical regulations, standards and SPS measures; 3. NTB especially administrative fees and charges; 4. transparency of laws, regulations and administrative rulings; 5. use of information and communication technology and E-Commerce; 6. mobility of business people; 7. freedom of transit; 8. facilitation in transport and logistics; 9. facilitation in payment and trade finance. The data about RTAs mainly come from the Asia-Pacific Trade and Investment Agreements Database (APTIAD).trade facilitation, RTAs, NTB, SPS measures, customs procedures and cooperation, technical regulations, standards, transport and logistics, trade finance, e-commerce, transparency.

On the thermodynamics of the black hole and hairy black hole transitions in the asymptotically flat spacetime with a box

We study the asymptotically flat quasi-local black hole/hairy black hole model with nonzero mass of the scalar filed. We disclose effects of the scalar mass on transitions in a grand canonical ensemble with condensation behaviors of a parameter $\psi_{2}$, which is similar to approaches in holographic theories. We find that more negative scalar mass makes the phase transition easier to happen. We also obtain an analytical relation $\psi_{2}\varpropto(T_{c}-T)^{1/2}$ around the critical phase transition points implying a second order phase transition. Besides the parameter $\psi_{2}$, we show that metric solutions can be used to disclose properties of transitions. In this work, we observe that phase transitions in a box are strikingly similar to holographic transitions in the AdS gravity and the similarity provides insights into holographic theories.Comment: 12 pages, 6 figures. Accepted for publication in EPJC. arXiv admin note: text overlap with arXiv:1705.0869

π\pi-J/ψJ/\psi Correlation and Elliptic Flow Parameter v2v_2 of Charmed Mesons at RHIC Energy

We study the correlation between the trigger $\pi$ and the associated $J/\psi$ on near and away sides in Au+Au collisions at $\sqrt{s_{NN}}=200$ GeV. In the region of trigger momentum $p_t>4$ GeV/$c$, the $\pi$ spectrum is composed of thermal-shower and shower-shower recombinations in the frame work of the recombination model. We consider the azimuthal anisotropy in the quenched hard parton distribution and then calculate the elliptic flow parameter $v_2$ of charmed mesons ($J/\psi$, $D^0$ and $D_s$) for different centralities.Comment: 17 pages, 6 figure